BBDC vs. TCPC

Last updated Apr 1, 2026

Compare and contrast key facts about Barings BDC, Inc. (BBDC) and BlackRock TCP Capital Corp. (TCPC).

Performance

BBDC vs. TCPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Barings BDC, Inc. (BBDC) and BlackRock TCP Capital Corp. (TCPC). The values are adjusted to include any dividend payments, if applicable.

BBDC vs. TCPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BBDC Barings BDC, Inc.	-7.54%	8.84%	23.86%	18.53%	-18.59%	29.31%	-3.48%	20.40%	-13.52%
TCPC BlackRock TCP Capital Corp.	-30.77%	-26.24%	-12.26%	3.23%	5.61%	30.76%	-9.17%	19.31%	-7.69%

Fundamentals

EPS BBDC : $400.78 TCPC : $1.29
PE Ratio BBDC : 0.02 TCPC : 2.79
PEG Ratio BBDC : 0.00 TCPC : 0.09
PS Ratio BBDC : 3.03 TCPC : 2.77
Total Revenue (TTM) BBDC : $190.47M TCPC : $110.78M
Gross Profit (TTM) BBDC : $115.30M TCPC : $58.19M
EBITDA (TTM) BBDC : $100.74M TCPC : $129.18M

Returns By Period

In the year-to-date period, BBDC achieves a -7.54% return, which is significantly higher than TCPC's -30.77% return.

BBDC

• 1D: 1.60%
• 1M: 0.56%
• YTD: -7.54%
• 6M: -0.22%
• 1Y: -2.12%
• 3Y*: 13.78%
• 5Y*: 6.68%
• 10Y*: —

TCPC

• 1D: 1.98%
• 1M: -7.41%
• YTD: -30.77%
• 6M: -36.20%
• 1Y: -46.47%
• 3Y*: -17.42%
• 5Y*: -12.93%
• 10Y*: -2.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

BBDC vs. TCPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BBDC

BBDC Risk / Return Rank: 34
BBDC Sharpe Ratio Rank: 37
BBDC Sortino Ratio Rank: 31
BBDC Omega Ratio Rank: 31
BBDC Calmar Ratio Rank: 37
BBDC Martin Ratio Rank: 35

TCPC

TCPC Risk / Return Rank: 3
TCPC Sharpe Ratio Rank: 1
TCPC Sortino Ratio Rank: 2
TCPC Omega Ratio Rank: 3
TCPC Calmar Ratio Rank: 7
TCPC Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BBDC vs. TCPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Barings BDC, Inc. (BBDC) and BlackRock TCP Capital Corp. (TCPC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BBDC	TCPC	Difference
Sharpe ratio Return per unit of total volatility	-0.10	-1.33	+1.23
Sortino ratio Return per unit of downside risk	0.01	-2.01	+2.02
Omega ratio Gain probability vs. loss probability	1.00	0.75	+0.25
Calmar ratio Return relative to maximum drawdown	-0.16	-0.92	+0.76
Martin ratio Return relative to average drawdown	-0.47	-2.02	+1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBDC vs. TCPC - Sharpe Ratio Comparison

The current BBDC Sharpe Ratio is -0.10, which is higher than the TCPC Sharpe Ratio of -1.33. The chart below compares the historical Sharpe Ratios of BBDC and TCPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BBDC	TCPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	-1.33	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	-0.51	+0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.04	+0.21

Correlation

The correlation between BBDC and TCPC is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BBDC vs. TCPC - Dividend Comparison

BBDC's dividend yield for the trailing twelve months is around 13.85%, less than TCPC's 27.70% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBDC Barings BDC, Inc.	13.85%	12.96%	10.87%	11.89%	11.66%	7.44%	7.07%	5.25%	21.24%	0.00%	0.00%	0.00%
TCPC BlackRock TCP Capital Corp.	27.70%	20.48%	16.76%	14.64%	9.81%	8.88%	11.74%	10.25%	11.04%	9.42%	8.52%	10.34%

Drawdowns

BBDC vs. TCPC - Drawdown Comparison

The maximum BBDC drawdown since its inception was -48.45%, smaller than the maximum TCPC drawdown of -69.08%. Use the drawdown chart below to compare losses from any high point for BBDC and TCPC.

Drawdown Indicators

	BBDC	TCPC	Difference
Max Drawdown Largest peak-to-trough decline	-48.45%	-69.08%	+20.63%
Max Drawdown (1Y) Largest decline over 1 year	-17.03%	-50.21%	+33.18%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-58.91%	+31.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-69.08%	—
Current Drawdown Current decline from peak	-10.67%	-56.88%	+46.21%
Average Drawdown Average peak-to-trough decline	-8.04%	-9.39%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	22.89%	-16.79%

Volatility

BBDC vs. TCPC - Volatility Comparison

The current volatility for Barings BDC, Inc. (BBDC) is 6.29%, while BlackRock TCP Capital Corp. (TCPC) has a volatility of 12.76%. This indicates that BBDC experiences smaller price fluctuations and is considered to be less risky than TCPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBDC	TCPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	12.76%	-6.47%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	27.01%	-13.89%
Volatility (1Y) Calculated over the trailing 1-year period	21.57%	34.98%	-13.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	25.36%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.20%	34.07%	-9.87%

Financials